RAMSEY CROOKALL & CO

MIDDAY REPORT

26 AUGUST 2010

Miners are leading the way in early dealings on Thursday and Kazakhmys the best performer after the Kazakh firm’s half year figures were well received.

Industrial metals miner Kazakhmys said it remains positive on the copper market after an improvement in prices for the red metal helped it post a sharp rise in revenues and earnings in the six months to June 30. Revenues climbed to $1.52 billion from $1.12 billion over the same period a year ago, while underlying profits were up to $696 million from $269 million. Average copper prices climbed by 73% to $6,981.

Eurasian Natural Resources, Xstrata, Fresnillo and Rio Tinto are also among the top performers.

Industrial property owner Segro is the biggest faller despite having recently seen an encouraging increase in the levels of enquiries and growing interest in pre-let developments. The company hopes to capitalise on this growing level of interest after it managed to edge up net asset value per share in a challenging first half of the year.

Full year results from Diageo showed a continuation of the improving trend seen in the Guinness brewer’s third quarter as developing markets drove overall growth while markets in North America and Europe remained weak. The group, famous for brands such as Smirnoff, Johnnie Walker, Captain Morgan and Baileys, said a stronger second half performance has driven full year growth.

Sales and underlying profits from security group G4S in the first half of 2010 were slightly ahead of market expectations, despite the trading environment remaining challenging. Group turnover was up 4% at constant exchange rates to £3,632.2 million from £3,493 million in the first half of last year. The market has pencilled in a figure of £3.6 billion for sales.

Betting firm William Hill only posted a small rise in half year profits as gains from the football World Cup were partly offset by poor horseracing results. Pre tax rose to £105.7 million in the 26 weeks ended 29 June 2010 compared with £103.1 million in the 26 weeks ended 30 June 2009. Turnover was up 12% to £8.64 billion. The interim dividend is unchanged at 2.5p per share.

THE FTSE 100 AT 12.00 IS UP 30 @ 5140

THE DOW JONES CLOSED DOWN 19 @ 10,060

THE NASDAQ COMP CLOSED DOWN 17 @ 2141

Exchange Rate

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EUR - GBP 1. 222